Hurricane experts are calling for an active season of storm activity and with that prediction, Insurance Commissioner Jim Donelon is stressing the importance of proper coverage. Donelon says flood, homeowner, and commercial property insurances can still be obtained now, but only while a storm is not in the Gulf.
“Once one enters the Gulf, they shut down writing new business until it makes landfall and dissipates,” said Donelon.
Flood insurance will take 30 days to take effect after your first premium payment. Donelon says there are exceptions to that rule though.
“If you are mortgaging your property, buying a new home, or refinancing your home with a federally backed mortgage, the flood insurance you are required to have for that property would go into effect immediately,” said Donelon.
Donelon says documentation of property is vital to expediting insurance claims.
“Film all of your assets before they’re flooded or before they’re damaged by a tree falling through the roof. Document what you had before the damage. It’s so helpful,” said Donelon.
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